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Licensed Risk managers in Kenya {IRA Ultimate List}

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Licensed Risk managers in Kenya {IRA Verified List}: Risk managers in Kenya are crucial across various sectors, especially finance, and their roles are multifaceted.

Here is a summary of key information regarding risk managers in Kenya, covering their typical duties, required qualifications, and salary expectations.

Risk Managers in Kenya: Overview

Risk management professionals in Kenya are primarily responsible for implementing the Enterprise Risk Management (ERM) framework to identify, assess, mitigate, and monitor risks that could affect an organization’s operations, finances, or reputation.

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📝 Key Responsibilities of Risk managers

Typical duties for a Risk Manager or Risk and Compliance Officer often include:

  • Risk Identification & Assessment: Coordinating strategic and operational risk assessments across the company.

  • Policy Development: Reviewing and updating risk management and compliance policies to ensure adherence to local regulatory requirements (like those from the Central Bank of Kenya – CBK).

  • Risk Monitoring and Reporting: Preparing comprehensive risk reports (including risk registers, Key Risk Indicators (KRIs), and risk appetite reports) for senior management and the Board.

  • Compliance: Ensuring full compliance with regulatory requirements, including Anti-Money Laundering (AML), Anti-Bribery, and data privacy laws.

  • Financial Risk Analysis: Analyzing specific risks like credit risk, market risk (interest and exchange rates), liquidity risk, and conducting stress tests.

  • Culture & Training: Planning and coordinating risk management awareness and training initiatives to foster a strong risk-aware culture.

  • Business Continuity: Evaluating and testing business continuity and crisis management plans.

🎓 Qualifications and Skills of Risk managers

To be a successful risk professional in Kenya, you generally need:

  • Academic Background: A Bachelor’s Degree in a relevant field such as Commerce, Finance, Business Administration, or Actuarial Science.

  • Professional Certification: Membership or certification from bodies like the Institute of Internal Auditors of Kenya (IIA-Kenya) or the Institute of Certified Public Accountants of Kenya (ICPAK) is often required or a strong advantage. Other beneficial certifications include CISA (Certified Information Systems Auditor) or CIA (Certified Internal Auditor).

  • Experience: Most management roles require a minimum of 3-5 years of experience in risk management, especially in banking operations, prudential guidelines, or financial services.

  • Key Skills: Strong analytical skills, financial planning knowledge, report writing, presentation skills, and a deep understanding of relevant regulations (e.g., Basel guidelines, COSO, ISO 31000).

💰 Salary Expectations

Salaries for Risk Managers in Kenya can vary widely based on experience, company size, and specific role (e.g., Analyst vs.  Head of Department). The most common pay structure is annual:

Position Average Annual Base Salary (KES) Approximate Range (KES)
Risk Manager (Average) KES 4,446,000 KES 2,000,000 – KES 5,000,000+
Risk Analyst (Mid-Level) KES 1,200,000 KES 820,000 – KES 2,000,000
Compliance Officer KES 855,926 KES 315,000 – KES 2,000,000

Note: The monthly gross salary range for a Risk Manager can be between KES 56,719 (entry-level/junior) and over KES 355,805 (senior/executive).

🏢 Top Risk Management Consulting Firms in Kenya

While many risk managers work internally for large banks and corporations, several consulting firms in Kenya specialize in providing advisory and audit services:

  • Sentinel Africa Risk Management Consulting: Known for comprehensive, tailored solutions in ERM, crisis management, and security risk assessments.

  • KPMG East Africa: Offers financial risk management, internal audit risk, and compliance services.

  • RSM Kenya: Provides risk advisory services, including internal audits, IT audits, and forensic accounting.

  • Riskhouse International Limited:15 Specializes in forensic investigation, risk management, and compliance services.

Licensed Risk managers in Kenya {IRA Verified List}

 

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